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Financial Accounting Appunti scolastici Premium

Appunti di Financial Accounting in lingua inglese. Il corso è Financial Accounting and Management all'Università degli Studi di Torino, tenuto dai professori Francesco Venuti e Melchior Gromis al secondo anno di Business and Management. Scarica il file in formato PDF!

Esame di Financial and management accounting docente Prof. M. Gromis

Anteprima

ESTRATTO DOCUMENTO

• Bank statement

• Customers declarations

• Income tax returns

The functions of financial accounting:

So, which are the main functions of Financial Accounting?

• The recording and control of business transactions

• To maintain the accuracy in recording

• To meet the requirements of the law

• To present final financial statements to the owners of the business

• To present other financial reports and analyses

• To facilitate the efficient allocation of resources and supporting the economic decision-

making process.

The objective of financial statements:

The objective of financial statement is to provide information about the financial performance and

changes in financial position, of an entity that is useful to a wide range of users for making

economic decisions.

i.e. Should I invest in this company? Should I vote to keep the current management or replace

them? Should I lend to this company? Should I sell to this company on credit?

Moreover, the objective of the financial statements is also to be the scorecard of the past; this is

called the “stewardship objective”, it focuses on both past performance and how the entity is

likely to perform in the future. The stewardship objective is about assessing management’s

competence and integrity including the success of their strategy in managing the business.

Limitations of financial statements:

One of the major limitations of financial statements is that it does not take into account the non-

monetary facts of the business like the competition on the market, social and environmental

matters.

Corporate and Social Responsibility:

In the last decades corporate objectives shifts from emphasis on profit to the benefit for other kind

of users in the annual report. As a result, listed companies include a corporate social responsibility

report in their annual report.

Corporate social responsibility: describes policies adopted by the entity to benefit the local

community in which it operates, its employees, customers and the environment and in general how

the company conduct business in an ethical manner.

4

FINANCIAL ACCOUNTING

Lecture 2 - Financial Information and Schemes

Professor Venuti, Chapter 2 of the book

General Purpose Financial Statement:

Why do we need a financial statement?

To collect information, (in this case quantitative information  accounting information).

Accounting information consists of Operating Information, Financial, Management and Tax

Accounting.

Operating information are useful for the CEO (more precisely managers); managers are appointed

by the owners (or stockholders) which need statements periodically to check how is going the

company. These reports are prepared by the managers (and consists in the Financial Accounting).

All the reports (Statements) can be classified into one of two categories:

• Stock or Status:

As of a specified instant in time, like snapshots; is an accumulation of flows (i.e. balance

sheets).

• Flow:

Cover a specified period of time, like a motion picture; is a change in stocks (i.e. income

statement or cash flow statement).

There is just one figure that we will find twice in the statement which is Net Income (both in the

balance sheet and Income Statement).

General Purpose Financial Statements are the statements not prepared for a specific purpose

(acquisition, merger or company transformation). Are intended to meet the needs of users who are

not in a position to require an entity to prepare reports tailored to their particular information needs.

Infomarion included in this document are:

- asset

- liabilities

- equity

- Income

- Expense

Assets: Resources controlled by an entity as a result of past events and from which future

economic benefits are expected to flow to the entity (Stock Variable)

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FINANCIAL ACCOUNTING

Liabilities: present obligations of an entity arising from past events, the settlement of which is

expected to result in an outflow from the entity of resources embodying economic benefits (Stock

Variable)

Equity: the residual interest in the assets of the entity after deducting all its liabilities: E= A-L or A=

E+L (Stock Variable)

Income: increases in economic benefits during the accounting period in the form of inflows or

enhancements of assets or decreases of liabilities that result in increases in equity, other than

those relating to contributions from equity participants (Flow Variable)

Expense: decrease in economic benefits during the accounting period in the form of outflows or

depletions of assets or incurrence of liabilities that result in decreases in equity, other than those

relating to distributions to equity participants (Flow Variable)

Financial Statements:

Financial statements are prepared at least once a year, but also quarterly or monthly for instance.

The 12-month period is called “the reporting period”.

It contains primarily historical information.

The reporting entity can prepare separate financial statements or consolidated financial statements

if part of a group.

The presentation of financial statements depends largely on the different standards used by the

entities.

The Annual Report:

The Management Letter: management discussion on developments during the year and current

state of the company.

Balance Sheets: assets, liabilities & owners ‘equity as of a specific date; also called statement of

financial position. It is the prime source of information.

Income Statement: is an accounting statement that reflects the operating results on an entity for a

particular accounting period.

Statement of retained earnings/ changes in equity: cumulative sum of undistributed profits and

changes in equity’s owner’s equity between two balance sheet dates.

Statement of Cash Flow: Operating, Investing and Financing activities cash flows for a specific

period of time. Basically provides information about a company’s cash receipts and cash

payments.

Notes: significant accounting policies, estimates; descriptions and explanations of all the previous

documents.

The Auditors’ Report: the owner cannot totally trust the manager, so this is the report prepared by

an external professional nominated by the assembly (big 4 auditors company: EY, KPMG,

DELOITTE, PWC) 6

FINANCIAL ACCOUNTING

BALANCE SHEET:

It is the prime source of information about an entity’s financial position as it summarises the

elements directly related to the measurement of the financial position: an entity’s assets, liabilities

and equity.

Balance Sheet

Non-Current Equity

Assets Non-Current

Liabilities

Current

Assets Current

Liabilities

Assets

 Long Term Assets*

o Tangibles (land & buildings)

 Intangibles (rights and patents)

 Financial (participation in other companies)

Current Assets*

o Cash

 Receivables

 Inventories

 Temporary Investments

 Pre-paid expenses

Equity

 Share Capital (nominal value of the stocks)

 Retained Earnings

 7

FINANCIAL ACCOUNTING

Additional Paid-in (eventually, if you sell stocks at a price higher than

 nominal value).

Net Income (profit or loss)

Liabilities

 Long Term Liabilities

o Loans (if you have to pay in more than 1 year)

 Bonds

 Provisions for employees’ benefits

Current Liabilities

o Loans (1st year)

 Trade payables

 Provisions for risks and charges

*the difference between current and long-term asset is that the first provides benefits just for 12

months.

In fact, an entity shall classify an asset as current when:

1. it expects to realize the asset or intend to sell or consume it in its normal operating cycle;

2. it holds the asset primarily for the purpose of trading;

3. it expects to realize the asset within 12 months after the reporting period;

4. the asset is cash or a cash equivalent.

INCOME STATEMENT:

Income Statement

Revenues

- operating cost

Operating Profit

- financial cost 8

FINANCIAL ACCOUNTING

+ financial revenues

Pre-tax Profit

- taxes

Net Income

An income statement is an accounting statement that reflects the operating results of an entity for a

particular accounting period. Minimum information on the face of the Statement of Comprehensive

Income includes the following:

Revenue

 Finance cost

 Share or profit or losses of associates and joint ventures

 Tax expense

 Discontinued operations

 Profit or loss

 Each component of other comprehensive income

 Total comprehensive income

 Profit or loss attributable to non-controlling interests

 Profit or loss attributable to owners of the parent

 Comprehensive income attributable to non-controlling interests as well as to owners of the

 parent.

N.B. this is an example on how to complete an Income Statement; there are several ways to do it,

also with revenue minus all the costs in just one step.

STATEMENT OF CASH FLOW:

It is for financial analysis, it tries to explain you how the company produces cash, if you have

produce cash using your operating activity, using investments or using financing activities.

It is very important to verify if the cash flow generated from the operating activity is positive (so you

are a health company) otherwise you have to investigate on which activity let you earn cash.

Basically, the statement of cash flow explains how the amount of cash on the balance sheet at the

beginning of the period became the amount of cash reported at the end of the period.

It reports cash inflows and outflows in three broad categories:

Operating activities

 Investing activities

 Financing activities

 9

FINANCIAL ACCOUNTING

NOTES:

Notes are an integral part of the financial statements, containing additional information with respect

to those presented in the statement of financial position, income statement, cash flows statement

and statement of changes in owners’ equity.

Notes provide narrative descriptions or disaggregation of items presented in those statements and

information about items that do not qualify for presentation in those statements.

IAS & IFRS:

International Accounting Standard (old name) now is called International Financial Reporting

Standard: they are international rules, adopted by a committee. We are trying to adopt these rules

all over the world in order to have the same accounting system worldwide. Europe was one of the

first to make these rules mandatory for a large number of firms.

In cases in which local rules are applied, not only changes the structure of a statement but also the

method of evaluation, so it is very difficult to match and compare different companies from different

countries.

IAS 39 was about the evaluation of financial instruments, nowadays it has been discovered that

principle was not perfectly adaptable to the current situation: so, it was deeply changed and at the

moment they are publishing (soon, not yet) the IFRS 9.

IAS 1 according to it, a complete set of financial statements comprises many documents:

A statement of financial position as at the end of the period

o An income statement for the period

o A statement of changes in equity for the period

o A statement of cash flows for the period

o Notes, comprising a summary of significant accounting policies and other explanatory

o information. 10

FINANCIAL ACCOUNTING

Lecture 3 – Accounting Principles, Concepts and Policies

Professor Gromis, Chapter 3 of the book

In the preparation of its financial documents, an entity should provide a true and fair view about its

financial conditions and operating results. Anyway, the concept of true and fair view does not mean

absolute truth about enterprises. For Instance, if I am a family business I will try to reduce my profit

in order to pay less taxes; while if I am a manger in a big company I will try to make happen better

performances in order to raise my wage.

As the concept of true and fair view, there are many other principles and concepts to assist in the

development and review of accounting standards and to assist auditors in forming an opinion on

whether financial statements conform with accounting standards.

The Nature of Accounting Principles (First Part)

Two accounting concepts play ‘a pervasive role’ in financial statements:

• Going Concern: when a company is able to survive for one year; the value of an operating

company is superior to the value of its assets. If I buy an operating company I am buying a

company which value is superior of the sum of its item all together. Is the assumption that

an entity will remain in business for the foreseeable future; by making this assumption, the

accountant is justified in deferring the recognition of certain expenses.

If there is reason to believe that the entity will not be able to continue in business, the asset

should be valued on a cessation basis (so net realisable value).

When financial statements are not prepared on a going concern basis, this fact should be

disclosed. In addition, the reasons for assuming the entity is not a going concern and the

measurement basis used should be explained.

• Accrual Concept: financial statement should be prepared on the accrual basis of

accounting, following the principle that: the effects of transactions and other events are

recognised when they occur (and not when cash or its equivalent is received or paid) and

they are recorded in the accounting records and reported in the financial statements in the

periods to which they relate.

In case of earnings a sale is deemed to have taken place at the point in time at

o which the goods are delivered or services provided and not when the proceeds of

sale are received.

In the same way, costs should be recognized when they incurred – goods and

o services are deemed to have been purchased on the date they are received and not

when payment is made.

The Nature of Accounting Principles (Second Part):

• The Matching Principle: The matching principle refers to the assumption that in the

measurement of profit, costs should be set against the revenue which they generate at the

point in time when this arises.

• Entity Concept: The assumption that the financial statements for an entity represent the

transactions of that entity as a unit in its own right and do not contain any assets, liabilities,

income or expenditure that do not relate to the entity. A business has a separate and

distinct identity from its owners. 11

FINANCIAL ACCOUNTING

• Time Period Concept: divides the life of an entity into time period. Users can assume that

financial period of time, typically one year. What is not sure is when the year begins (i.e.

football teams start the year in September).

• Materiality Concept: the materiality concept affects the presentation and the application of

accounting standards, as it assumes that only material items should be

disclosed/presented in financial statements and accounting standards only apply to material

items.

This responds to the objective of true and fair representation as too much information can

mislead users and is not useful in supporting decision-making processes. For immaterial

transactions is useful to group together into categories that are material.

• Money Measurement Concept and Dual Entry: under this concept the information

provided in the financial statements is expressed in monetary amounts (typically in the

currency of the country where the entity is registered).

The Dual Entry concept assumes that every transaction is recorded twice as it affects two

separate accounts in a set of financial statement in order to keep in balance the accounting

equation between assets and the sum of liabilities and shareholder’s equity.

• Prudence Concept: The assumption that the financial statements have been prepared on

a prudent basis in a manner that there is not included any profit which is not earned,

expenses are complete and not understated; prudence introduces an element of caution

into accounting. It is better that the mistake is oriented to reduce my profit, that make the

company’s position worst: the judge cannot say that I couldn’t catch that performance in

reality. Better more prudence and less optimistic in fact potential revenues are treated in a

different way from potential cost (liabilities); so this concept creates an asymmetry into the

accounting process. We will be able to register only earnings that are sure, while we can

register cost that are also potential (this is a tool to be sure that our Statement is not too

optimistic).

• Substance over Form Concept: the economic substance of a transaction should be given

precedence over the legal form of the transaction (in Italy, unfortunately, often form is more

important). For instance, when you obtain an asset using the leasing tool, which is not

legally yours, under this concept is treated the same as the other assets owned by your

company.

• Consistency Concept: allows the user to look at a set of financial statements and assume

that the same policies, methods and estimation techniques have been used from year to

year. Consistency is important for the objective of monitoring performance over time.

Recognition and Measurement:

Items should be recognised in either the statement of financial position or in the statement of

comprehensive income:

if the item meets the definition of an element of the Framework

 the item meets the criteria for recognition.

It is “the process of determining the monetary amounts at which the elements of the financial

statements are to be recognised and carried in the statement of financial position and the

comprehensive income statement”.

The measurement bases are used to determine the monetary value and many entities use a

combination of these methods for measuring the value of different items:

12

FINANCIAL ACCOUNTING

Historical cost (concept)

 Current Cost (market value): is the price that it would been paid if the same asset would

 have been acquired currently. Liabilities are carried at the undiscounted amount that would

be required to settle the obligation currently.

Realisable Value (disposable value): is the value of the consideration that could currently

 be obtained by selling the asset in a orderly disposal, or the settlement value of liabilities.

Present Value: is the present discounted value of the future net cash inflows, or outflows,

 that the item is expected to generate in the normal course of business.

For instance, you use the Realisable Value when you are not in a “Going Concern” status.

Lecture 3b – Adjusting Entries

Professor Gromis, no Chapter in the book

Preparation Process:

st st

From the 1 Jan. to the 31 Dec. CASH BASIS

1. Recording business transactions (event that involve at least one financial movement).

2. First trial balance at the end of the year: a list of all the accounts that the company has

used. st

Later than 31 Dec. ACCRUAL BASIS

3. Adjusting entries, their role is to adjust the result you find on the ledger book in order to

adapt to the accrual basis (i.e. depreciation on a machinery bought during the year).

4. Second trial balance, you will add new accounts deriving from adjusting entries.

5. Financial statement

N.B. the time in the reality to work on CASH BASIS will be less than one year because the time for

the shareholders to approve a Financial Statement is 4 months.

Trial Balance:

It is a listing of all the accounts that the company has used.

It is prepared by going through the ledger book, taking the balance from each page and listing

them. When it is completed the total on the left and the total on the right must be equal.

So, we will put just the title of the account and the amount remained of that account, both

economic and financial accounts (we cannot divide them yet).

Adjusting Entries:

Financial statements should be prepared at the end of each accounting period.

The income statement is prepared on an accrual basis. The adjusting entries are required to

transform some items recorded with a cash basis into items recorded with an accrual basis. This is

because costs and revenues will be recognized in the income statement regardless of financial

flows.

The accrual basis states that revenues are recognized when goods or services have been

delivered or provided, regardless of when cash is received.

13

FINANCIAL ACCOUNTING

Type of Adjusting Entries Description

Prepaid expense (insurance, rent). There are services that require the entire

payment in advance when you buy them.

Accrued revenues and costs (interest, utilities) These are about something you are obliged to

pay later.

Invoice to be issued or received* When there is no invoice in a product sold or

bought, that is possible because maybe they

collect them all together at the end of the year.

Depreciation**(or amortization of intangible) It is when the initial cost of the asset is spread

over the years which are benefiting from that

asset.

Inventory (merchandise, raw materials, goods It represents the value of goods on hand at the

in process and finished goods) end of the accounting period.

* If I am selling something without the invoice, I have the VAT anyway.

** Generally using the straight-line method.

Lecture 4 – Fixed Assets, Depreciation and Intangible Assets

Professor Venuti, Chapter 4 in the book

Long-Lived Nonmonetary Assets

Here we are talking just on tangible assets, not related to the financial contest. In a life of a firm the

COSTS of goods or services, can have benefits in the current period or benefits expected in the

future period.

The costs with benefits obtained in the current period are registered as Expenses (Income

 Statement).

The cost with benefits expected in the future period are registered as Assets (Balance

 Sheet), so the expenditures are capitalized; the cost should be matched with the revenues

that are obtained from its use in these future periods  depreciation process is required.

Type of Asset** Method of converting to

expense

Land Not amortized

Plant and equipment Depreciation

Natural resources Depreciation (depletion)

Goodwill Amortization

Patents – copyright Amortization

Leasehold Amortization

improvements

Deferred charges Amortization

Research & Dev costs Not capitalized

N.B. Tangible and Intangible**

14

FINANCIAL ACCOUNTING

The concept of both amortization and depreciation is a tax method to spread out the cost of a

business asset over the life of that asset.

Land is not depreciated because it has not a useful life.

Depreciation refers to tangible assets, amortization to intangible assets.

The nature of the property, plant and equipment (fixed tangible asset):

Property, plant and equipment are tangible items that:

• Are held for use in the production or supply of goods and services, for rental to others, or

for administrative purpose.

• Are expected to be used during more than one period.

Property, Plants and Equipment are categorized as non-current asset, since they are held by an

enterprise with the intention of being used on a continuous basis and it is not intended for sale in

the ordinary course of a business.

In this presentation, accounting for property, plant and equipment is considered as follows:

A. Recognition of the asset

B. Initial measurement of the asset

C. Measurement subsequent to initial recognition

A. Recognition of the asset:

The cost of an item of property, plant and equipment shall be recognized as an asset if and only if:

1. It is probable that future economic benefits associated with the item will flow to the entity.

2. The cost of the item can be measured reliably.

It is important to asses properly whether the item is a real asset for the entity or just an expense,

analysing if the entity expects to get economic benefits from its asset, if those are probable and

finally if these will flow directly to the entity.

B. Initial measurement of the asset:

An item of property, plant and equipment that qualifies for recognition as an asset shall be

measured at its cost (historical cost).

The cost includes all the expenditures that are necessary to make the asset ready for its intended

use. The components of “costs” are:

Purchase price

o Directly attributable costs (shipping etc.)

o Initial estimate of the cost of dismantling and removing the item or restoring the site on

o which it is located.

Purchase Price:

Cost is the amount of cash or cash equivalents paid (or the fair value of the other consideration

given to acquire an asset) at the time of its acquisition or construction.

15

FINANCIAL ACCOUNTING

An asset could be acquired or constructed by the company (built internally – self constructed

assets).

When a company construct a long-term asset for its own use, the amount of capitalized cost

includes all the costs incurred in the construction (as for product cost = DIRECT MATERIALS +

DIRECT LABOUR + a fair share of the company’s indirect costs incurred during the construction

period). This amount should never exceed the market value of the self-constructed asset (there is

a limit, if the product cost is higher, I should consider the market value  principle of prudence). So

then cost for an asset constructed directly by the cost is the product cost.

Directly attributable costs:

Which are:

• costs of employee benefit arising directly from the construction or acquisition of the item of

property, plant and equipment;

• costs of site preparation;

• transportation, initial delivery and handling costs;

• installation and assembly costs;

• costs of testing whether the assets is functioning properly;

• professional fees

All these costs are necessary in order for the asset to be usable by the company.

C. Measurement subsequent to initial recognition:

What is happening during the life of my asset? I can have ordinary expenses or extraordinary

maintenance expenses.

There are two models:

The cost model

o The revaluation model

o

The choice of the model is an accounting policy decision and applies not to single asset, but the

entire class of property, plant and equipment.

We will analyse and use the cost model.

The Cost Model:

After recognition as an asset, an item of property, plant and equipment shall be carried at its cost

less any accumulated depreciation and any accumulated impairment losses.

Ordinary maintenance should be explained in the Income Statement; extraordinary expenses can

be considered as something to be capitalized, which are these requirements that the expense

need? increase the remaining useful life of the asset;

 increase its capacity;

 improve the quality of the output;

 adjust the asset to reduce operating costs.

 16

FINANCIAL ACCOUNTING

If you have one of these requirements, the expense can be capitalized, so increase the asset’s

value. So, costs for these expenditures should be considered as an extraordinary maintenance.

Depreciation:

The depreciation is the systematic allocation of the depreciable amount of an asset over its useful

life.

The useful life is the period over which an asset is expected to be available for use by an entity.

We have talked about just one method of depreciation which is the straight-line depreciation, so

when the annual depreciation cost to be charged is computed as the difference between cost and

estimated residual value, divided by the estimated useful life of the asset (basically the

depreciation is all the same during the useful life of the asset).

The residual value of an asset is the estimated amount that the entity would currently obtain from

selling of the asset, after deducting the estimated selling costs.

Depreciation Expense: (original cost – residual value)/service life in years

Recording Depreciation:

Every year we add the depreciation expenses to the account Accumulated Depreciation in the

Journal Entries. At the end the Account “Accumulated Depreciation” will be exactly subtracted from

the “Equipment”.

In the balance sheet all the Asset shall be considered following the Net Book Value, which is the

cost of the asset minus its related accumulated depreciation. If you want to know what was the

historical cost or the accumulated depreciation, you’ll find them in the explanatory notes.

A fully depreciated asset (still in use, i.e. a building) would appear on the balance sheet with a net

value as zero.

N.B. the account “depreciation” is an Income Statement account and every new year it disappear

and start a new one, while “Accumulated Depreciation” is a Balance Sheet one.

When do you start depreciating an asset?

You don’t start calculating depreciation when you buy or when you start to use, but when it is ready

and prepared to be used (even if you have not started to use it yet). This is because potentially

when it is ready it can create benefits.

According to IFRS also leased asset are depreciated; even if formally they do not belong to the

company.

Leasing:

Leasing Is defined as the possession and use of assets without having the ownership and is

supported by a range of motivation:

• to permit the shifting of the tax benefits of ownership to the lessor

• to avoid the risk of obsolesce

• to achieve a less costly form of financing than conventional borrowing

From what concern the leasing you have to:

1. Record the asset

2. Depreciate 17

FINANCIAL ACCOUNTING

3. Record a liability due to the Lessor (Financial Payable).

Every month, usually you pay a quota (periodical payment), that is recorded in the cash outflow,

which reduce your liability.

The financial lease transfers ownership of the asset to the lessee at the expiration of the lease, and

the lessee has an option to purchase the asset at less than fair value that will be exercised with

reasonably certainty.

Intangible assets:

Intangible assets are non-monetary assets being:

• Identifiable

• Without physical substance

N.B. identifiable distinguish other intangible assets from goodwill, in fact an asset is identifiable

when it is separable (can be rented, transferred or exchanged).

Examples of Intangibles: brand names, mastheads and publishing titles, pc software, licenses and

franchise, copyright, patents another property rights.

Recognition of the asset:

They are similar to those applied for tangible assets:

• It is probable that future economic benefits attributable to the asset will flow to the entity

• The cost of the asset can be measured reliably

Amortization:

Amortization of intangible assets covers the useful life chosen taking account:

The expected usage of the asset

o Typical product life for similar assets

o Obsolescence

o Stability of the industry

o Expected actions by competitors

o Etc…

o

Lecture 5 – Inventory and Receivables

Professor Gromis, Chapter 5 in the book

Categories of inventories:

Inventories are assets

• held for sale in the ordinary course of business

• in the process of production for such sales

18

FINANCIAL ACCOUNTING

• in the form of materials or suppliers to be consumed in the production process or in the

rendering services.

Categories of inventories in manufacturing business:

Direct materials: raw materials and components not put into production at the end of the

accounting year. Typically valued at purchase cost.

Work in progress: products that are only partially complete at the end of the accounting year.

Typically valued at factory cost (purchase cost plus cost of conversion).

Finished goods: completed products that are unsold at the end of the accounting period. Typically

valued at factory cost (purchase cost plus cost of conversion).

Categories of inventories in other entities (retail).

Good for sale: purchase of completed products that will be sold by the business. Inventory is the

unsold amount at a point in time.

Consumable items: material items that are required for sales, such as coat hangers, plastic bags,

etc.

Recognition of inventories:

The valuation of inventory is important as it is a material asset those valuation directly affect the

entity’s profitability.

Inventories shall be measured at the lower of:

1. Cost

2. Net realizable value (NRV) – market value

i.e. the cost of raw materials is 100, the net realizable value of raw materials is 90 so the

inventories in the balance sheet is 90 (the lower one!)

Determination of cost:

How this cost is assessed?

A. Cost of purchase

B. Cost of conversion

C. Other costs incurred in bringing the inventories to their present location and condition

N.B. the first two are very important.

A. Cost of purchase:

First of all, our inventory is assessed with the price we’ve spent to buy it. From what it is composed

this cost of purchase?

Purchase price

 Import duties (if the goods were imported)

 19

FINANCIAL ACCOUNTING


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DETTAGLI
Corso di laurea: Corso di laurea in economia aziendale
SSD:
Università: Torino - Unito
A.A.: 2018-2019

I contenuti di questa pagina costituiscono rielaborazioni personali del Publisher Friz28 di informazioni apprese con la frequenza delle lezioni di Financial and management accounting e studio autonomo di eventuali libri di riferimento in preparazione dell'esame finale o della tesi. Non devono intendersi come materiale ufficiale dell'università Torino - Unito o del prof Gromis Melchior.

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Esercitazione
Temi d'esame di Organizzazione Aziendale
Esercitazione
Matematica e statistica per l'economia - Appunti
Appunto
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Appunto